Ivory Properties Group Berhad is gearing up for a busy year ahead as prepares for several projects in the Klang Valley.

The projects are a mixed-development in Taman Connaught, Cheras, a residential project in Sungai Besi and an affordable housing project in Taman Segar, Cheras.

Group chief executive officer Dato’ Low Eng Hock said the company is taking an active stance to make it presence seen out of Penang.

“But that doesn’t mean we will put a hold on development in Penang. Apart from the projects in the Klang Valley, we also have an upcoming mixed-development in Batu Uban,” he said after the Group’s Annual General Meeting at Ivory Tower, Penang Times Square on 29 August.

The project with a GDV of RM750 million will comprise of two residential towers perched atop a monumental central plaza sprawl over 4.7 acres of prime land.

He added that the developments in Batu Uban, Taman Connaught and Sungai Besi are expected to take off next year.

On the progress of the Group’s ongoing projects, Low said the City Residence in Tanjung Tokong was completed on schedule and handing over of keys are currently underway.

“Tropicana Bay Residences in Penang WorldCity Bayan Mutiara is set to receive its CCC (certificate of completion and compliance) before the end of September. We also expect the completion of Phases three of Penang Times Square by 2019,” he said.

At a GDV of RM1 billion, the project in Taman Connaught is sited on a five-acre land located along Salak Expressway and it is anticipated to be the most iconic development within its vicinity.

The project in Sungai Besi with a GDV of RM250 million will consist of suites and condominium units with soaring double-height ceiling and mezzanine floors to incite a unique mid-modern homage.

As for the affordable housing in Taman Segar, a memorandum of understanding was signed in July between the Group, Taman Segar Management Corporation and Upper Label Sdn Bhd which was appointed as the project owner.

Discussions are currently underway between the project owner, management corporation, residents and authorities on the redevelopment proposal.

Chaired by IPGB chairman and independent non-executive director Dr K. Asairinachan @ Aravinachan, the AGM at Ivory Tower at Penang Times Square saw a turnout of some 100 shareholders and proxies.

Ivory Properties Group Berhad (IPGB) announced its shareholders’ approval in undertaking the rationalisation exercise of sewage treatment plants at Taman Connaught, Kuala Lumpur.

The exercise will be carried out by Ivory Residence Sdn Bhd (IRSB), the group’s whollyowned subsidiary company in a joint-venture agreement with Grand Uptown Sdn Bhd (GUSB).

The shareholders and proxies voted in favour of the resolution by way of poll during the extraordinary general meeting (EGM) held at the company’s auditorium at Ivory Tower in Penang Times Square on Nov 22.

The project cost is RM49.6 mil and under the rationalisation exercise, IRSB will reroute sewage pipes from the existing facility to the bigger sewage treatment plant in Bandar Tun Razak.

The rationalisation exercise was awarded by the Government to GUSB in exchange for the right to develop the land.

Works are expected to be completed in 2020 and the existing land is slated for a mixeddevelopment.

Ivory Group CEO Dato’ Low Eng Hock said planning is in progress for the new development called Grand Connaught (GDV RM1bil).

“It will be accessible from Middle Ring Road 2 which caters for retail experience as well as alfresco dining, espresso bar and bistros.”

“Its range of modern casual diners will ensure this is the go-to spot for social gathering, business networking and retail therapy,” he said after the EGM.

The residential towers will perch above the retail space while it is closely located to public transport hubs like the bus stops, LRT and MRT stations.

The group is gearing up for a busy 2018 with several projects out of Penang as it takes on an active stance to make its presence seen out of the state.

Apart from the project in Taman Connaught, also in the pipeline are projects in Sungai Besi (GDV RM250mil) and Batu Uban (GDV RM750mil).

Ivory Properties expands out of Penang

26 August 2016, Ivory Tower Penang Times Square, Penang

Ivory Properties Group Berhad is making its mark out of Penang through a joint-venture (JV) project in Kuala Lumpur, with several other ongoing negotiations in hand.

Group chief executive officer Dato’ Low Eng Hock said the group had penned an agreement with LLK Properties Sdn Bhd in June this year to develop a project in Petaling, Kuala Lumpur, with estimated GDV of RM220mil.

“We plan to develop the land for a mixed development consisting of residential and commercial components,” he said at the Group’s 11th annual general meeting (AGM) held at Ivory Tower in Penang Times Square on Aug 26.

He said it has been Ivory Properties’ business modus operandi to go into a JV deal to minimise capital outlay while developing viable projects.

He added that it has been a busy and fruitful year for the company as works are in full swing to complete two projects ahead of schedule – The City Residence in Tanjung Tokong and Tropicana Bay Residences at Penang WorldCity (PWC) in Bayan Mutiara.

He also stated that works for The Wave - Phase 3 of Penang Times Square – are going smoothly while construction for Phase 4, which is The Central comprising a hotel, suites and mall, is expected to kick off the next year.

On the Group’s upcoming projects, Low said the group’s next focus is on a piece of 6-acre land in the tourist belt of Batu Ferringhi which he said will kick off in mid-2017.

Low also expressed delight on the reduction of the Overnight Policy Rate (OPR) to 3% as it will boost the overall property market with banks expected to lower the base rate and lending rate.

“This will help ease the buyers’ financial burden, especially for first-time home buyers. We hope this move by Bank Negara will help to boost the market’s confidence. Hopefully, we will see a better property response and for the market sentiment to improve in the near future,” he said.

Chaired by Ivory Properties chairman and independent non-executive director Dr K. Asairinachan @ Aravinachan, the AGM saw a turnout of some 200 shareholders and proxies. During the meeting, the Group obtained unanimous approval for its six ordinary resolutions.

Ivory sets to complete development for Penang Times Square

17 September 2015, St Giles Wembley Hotel, Penang

Penang Times Square (PTS) is set to be one of the biggest malls in northern Malaysia boasting over a million square feet.

With mixed development projects in the pipeline in Phase 3 (The Wave) and Phase 4 (The Central), PTS will also have a cineplex and a hotel among retail shops.

Ivory Properties Group Berhad chief executive officer Datuk Low Eng Hock said the company anticipate PTS to be one of the best mall in Penang upon completion by year 2020 with its ideal size of over a million square feet and the strategic location in the heart of George Town.

He added its strategic location is further complemented with the state government’s Penang Transport Master Plan which will be a booster for property market in the state.

“PTS is strategically located where it is closed to government and private offices, financial institutions, tourist spots as well as the George Town Unesco World Heritage Site.

“We anticipate the LRT as well as the overall integrated transportation system will help economic activities to prosper in many areas in Penang,” he said after the company’s Annual General Meeting held at St Giles Wembley, Penang (Sept 17).

Work is in progress for The Wave, which is 100% sold for non-bumi lots while The Central is expected to be launched at the end of the year.

Phase 1 of PTS, Birch The Plaza and Phase 2, Birch Regency are both mixed developments and were completed in 2009 and 2011 respectively.

Also in the pipeline for upcoming projects are mixed developments planned in Batu Ferringhi and Penang WorldCity in Bayan Mutiara.

Phase 1A of Penang WorldCity, known as the Tropicana Bay Residences saw over 80% of its 1,343 units sold and works has started for the six blocks of condominiums.

Apart from Penang, Low said Ivory is also eying for opportunities in the Klang Valley and is in the midst of entering into an agreement with a potential partner there.

“It is still in negotiation stage and we hope to be able to break the good news by early next year.

During the meeting, the Group obtained a unanimous approval for its five ordinary resolutions.

An extraordinary general meeting (EGM) was also held after the AGM to obtain shareholders’ approval for renewal of shareholders’ mandate for recurrent related party transaction of revenue or trading nature.

Ivory expands headquarters to cater business expansion

down South

23 June 2014, Traders Hotel, Penang

Ivory Properties Group Berhad (Ivory) has expanded its headquarters in a move to cater for its future operations when the company headed down South. Ivory has shifted its headquarters from its former building Birch House, which measures 17,077sq ft, to Ivory Tower, measuring 106,377sq ft, in phase two of Penang Times Square.

Birch House is currently being leased to the world's largest chain of hamburger fast food restaurant McDonald’s as a drive through outlet while the four-storey Ivory Tower is also featuring a spatially orientated sales gallery.

Moving forward, Ivory group chief executive officer Datuk Low Eng Hock said the group would be expanding its business down South after successfully becoming a household name in Northern region and Penang in particular.

On the joint-venture development between Aspen Vision Land Sdn Bhd (where Ivory is holding 49% stake) and Ikano Pte. Ltd. (Ikano) to set up an IKEA store on a 20-acre land and IKEA Mall on a 55-acre land in Batu Kawan, Low said Aspen Vision Land Sdn Bhd (AVL) is in the process of entering into the purchase and development agreement (PDA) with Penang Development Corporation (PDC).

The joint-venture will also see mixed development (20% by Ikano, 80% by AVL) on a 170-acre land in Batu Kawan. The total land cost for the entire 245-acre development is about RM484mil.

On the Plaza Rakyat development, Low said they are in the process of procuring an extension for the conditional acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd to acquire the leases and development right of the project land.

On another matter, Low said Tropicana Ivory Sdn Bhd, a joint-venture company between Ivory and Tropicana Corporation Bhd that is set up to oversee the Penang WorldCity development, will be rolling out Phase 3A of the development by end of the year following overwhelming success of the Phase 1A sales.

Chaired by Ivory chairman and independent non-executive director Dr K. Asairinachan @ Aravinachan, the AGM at a hotel here saw a turnout of some 100 shareholders and proxies.

During the meeting, the Group obtained a unanimous approval for its five ordinary resolutions and one special resolution.

An extraordinary general meeting (EGM) was also held after the AGM to obtain shareholders’ approval for renewal of shareholders’ mandate for recurrent related party transaction of revenue or trading nature.

The AGM and EGM

June 20, 2013, G Hotel, Penang

Ivory Properties Group Berhad (IPGB) obtained a unanimous approval for its six ordinary resolutions and two special resolutions during the annual general meeting and extraordinary general meeting held in G Hotel.

During the AGM, six ordinary resolutions passed through by the floor were payment of directors’ fees, re-election of directors, re-appointment of the company auditors, and directors’ empowerment to issue and allot shares.

Two special resolutions that received a nod from the attendance were the proposed amendments to the Memorandum of Association and Articles of Association.

Immediately after closure of the AGM, an EGM was held to obtain approval on the proposed renewal of shareholders’ mandate for recurrent related party transactions of revenue or trading nature.

Ivory AGM & EGM

19 June 2012, Traders Hotel , Penang

IVORY Properties Group Berhad (IPGB) received a unanimous approval on all its resolution during the annual general meeting at a hotel here.

Some 100 shareholders and proxies present passed through resolutions on payment of directors’ fees, re-election of directors, reappointment of company auditors and the authority to issue shares.

An extraordinary general meeting was also held after the AGM to obtain shareholders’ approval for IPGB and its subsidiaries to enter into recurrent related party transactions on terms that are not more favourable to the related parties than those generally available to the public.

Ivory Properties Group Berhad Extraordinary General Meeting

5 March 2012, Traders Hotel, Penang

The Extraordinary General Meeting (EGM) held at Traders Hotel on March 5, 2012 saw a shareholder turnout of 62 per cent.

Ivory Properties Group Berhad (IPGB) received unanimous approval from those present for its plan to purchase and develop a 41.02ha site in Bayan Mutiara on Penang island from Penang Development Corporation and Chief Minister of Penang (Incorporation).

Shareholders also approved the joint venture with Dijaya Corporation Berhad to develop the said land.

Tropicana Ivory Sdn Bhd, 55 per cent owned by Dijaya and 45 per cent by Ivory after execution of the Builder Agreement, will develop an estimated RM10bil GDV of mixed-use residential and commercial property project named Penang World City.

The shareholders also passed through other resolutions on rights issue, bonus issue, financial assistance, acquisition of remaining 51 per cent equity interest in Ivory Villas Sdn Bhd, increase in authorised share capital and amendments to memorandum and articles of association.

Ivory signs PDA with CMI and PDC

11 Nov 2011, Bayan Baru, Penang

GEORGE TOWN: While many lovebirds tied their knots on 11.11.11, Ivory Properties Group Berhad made its lifetime commitment with Penang Development Corporation (PDC) and Chief Minister of Penang (Incorporation) (CMI).

Ivory, one of the most prominent developers, signed a Purchase and Development Agreement with PDC and CMI to purchase a 41.5ha land in Bayan Mutiara.

An estimated RM10bil GDV project in Bayan Mutiara is set to place Penang onto the world stage in its quest to become an international city.

The Group had earlier won the bid for the land which is strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and in the vicinity of Sungai Nibong.

It is located approximately 11km due South-West of the Penang Ferry Terminal, about 9.5km due South-West of Kompleks Tun Abdul Razak (KOMTAR) and about 7km due North-East of the Penang International Airport in Bayan Lepas.

It can be easily accessed from Penang Bridge, the upcoming Second Penang Bridge, and from Penang International Airport as well.

The project, which is expected to commence in the 3rd quarter of 2012, will take a span of eight years for completion.

During the meeting, several resolutions were approved by the shareholders. Among them are to receive and adopt the Audited Financial Statements for the financial year ended Dec 31, 2010 and to approve the RM105,000 payment of directors’ fees for the financial year ended Dec 31, 2010. The shareholders also reelected Low and Ooi as the directors of the company. Besides, the shareholders also approved the reappointment of Messrs KPMG as auditors of the company and authorized the directors to issue and allot shares up to 10% of the company’s issued share capital.